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2019-03-06

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Indian Economy
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Ministry of Coal

World’s largest pension scheme has begun in India today: Union Minister Shri Piyush Goyal

Around 42 crore employees in unorganized sector covered under Pradhan Mantri Shram Yogi Mandhan Yojana: Shri Piyush Goyal

Posted On: 05 MAR 2019 3:15PM by PIB Mumbai

Union Minister for Railways and Coal, Shri Piyush Goyal has said that Pradhan Mantri Shram Yogi Mandhan (PM- SYM) Yojana is the world’s largest pension scheme. The Minister said that though the unorganized sector has been contributing in a significant manner towards the national GDP, the sector remained neglected. He said that the Government has understood the woes of the people in the sector and has come out with PM-SYM Yojana to address the same. The Minister was speaking at the launch of the scheme in Mumbai today.

 

The scheme was launched by the Prime Minister Shri Narendra Modi in Gandhinagar, Gujarat today.

Shri Goyal said that the promptness with which the scheme has been launched shows the Government’s willingness in reaching out to the needy people in the unorganized sector. The scheme was announced in the Interim Budget 2019, on 1st February, 2019; and enrolment into the scheme began on 15th February, 2019, within a very short duration, said the Minister.

The Minister informed that there are around 42 crore people employed in the unorganized sector and that the government’s aim is to reach out to the last mile. He also appealed to everyone to reach out to as many citizens as possible so that the beneficiaries are able to reap the benefits of the scheme.

 

The Minister exhorted the people of the country to step in and enrol those working in our homes and neighbourhood into the scheme, by paying the contribution on their behalf. He said that he will pay the contribution for the employees working under him.

In his video message, Chief Minister of Maharashtra, Shri Devendra Fadnavis appreciated the scheme and applauded Prime Minister Shri Narendra Modi for the initiative.

On the occasion, Minister for Labour and Skill Development, Government of Maharashtra, Shri Sambhaji Patil Nilangekar said that Maharashtra is at the first position, with 2,86,487 people have registered under this scheme till now. He assured that unorganized sector employees of the state will soon be included under the scheme. Shri Sambhaji said that there was a long-pending demand from the unorganized sector to bring a pension scheme, which is now fulfilled through PM – SYM Yojana.

On the occasion, select 25 beneficiaries from various parts of Maharashtra received PM-SYM cards.

 

Backgrounder on the scheme

Following are the salient Features of PM-SYM:

  • Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.

  • Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse.

(iii)   If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal. 

Contribution by the Subscriber:  The subscriber’s contributions to PM-SYM shall be made through ‘auto-debit’ facility from his/ her savings bank account/ Jan- Dhan account. The subscriber is required to contribute the prescribed contribution amount from the age of joining PM-SYM till the age of 60 years.

Matching contribution by the Central Government:  PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government as per the chart. For example, if a person enters the scheme at an age of 29 years, he is required to contribute Rs 100/ - per month till the age of 60 years. An equal amount of Rs 100/- will be contributed by the Central Government.

The unorganised workers mostly engaged as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years are eligible for the scheme. They should not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO). Further, he/she should not be an income tax payer.

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